"Based on the results of our McDonald's Franchisee Survey, we raise our Q3 U.S. same-store sales forecast," analyst Mark Kalinowski wrote in a note to clients Tuesday entitled "Franchisee Survey Indicates MCD More than Holding Its Own."

"We believe that drivers of the Q3 U.S. business included value oriented promotions (such as $1 any size soft drinks and a McPick 2 for $5 promotion)."

The analyst said it talked to 27 domestic franchise owners with nearly 240 stores. He noted the northeast and western regions showed the most sales strength, while southern states lagged. As a result, Kalinowski increased his McDonald's third-quarter comparable sales growth estimate to 3.9 percent from 3.3 percent versus the Wall Street consensus of 3.4 percent.

"Given the better-than-expected sales momentum in the U.S. and Japan, and McDonald's status as a relative 'safe haven' stock during challenging times in the broader consumer landscape, we raise our target multiple on 2018E EPS by 1.0x to 26.0x," he wrote.

Famed short seller Jim Chanos told CNBC PRO in Sept. he is betting against other burger chain stocks because of McDonald's recent resurgence.